Don’t allow ₹2,000 banknote exchange without requisition slip, identity proof: PIL petition in Delhi HC
The Hindu
A PIL petition has been filed before the Delhi HC to not allow the exchange of ₹2,000 banknotes without requisition slip and identity proof.
Following the Reserve Bank of India’s (RBI) recent decision to withdraw the ₹2,000 denomination banknotes from circulation, a public interest litigation (PIL) petition has been filed before the Delhi High Court to not allow the exchange of ₹2,000 banknotes without obtaining any requisition slip and identity proof.
Also Read | Opposition slams government over RBI’s withdrawal of ₹2000 notes
Advocate Ashwini Kumar Upadhyay, in his petition, sought direction to ensure that ₹2,000 banknotes are “deposited in respective bank accounts only so that no one could deposit the money in others’ bank account”.
Terming the RBI’s May 19 notification and SBI’s May 20 notification, which permits the exchange of ₹2,000 banknotes without obtaining any requisition slip and identity proof, as “arbitrary, irrational”.
As per RBI, the ₹2,000 denomination banknote was introduced in November 2016 primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all ₹500 and ₹1,000 banknotes in circulation at that time.
“About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak on March 31, 2018, (37.3% of notes in circulation) to ₹3.62 lakh crore constituting only 10.8% of notes in circulation on March 31, 2023,” the RBI has said.
Mr. Upadhyay said a large amount of the ₹2,000 denomination banknotes has reached either in lockers of individuals or has “been hoarded by the separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt people”.
he Tamil Nadu Government will take appropriate decision to protect the welfare and livelihood of Manjolai tea estate workers as Bombay Burmah Trading Corporation, which is managing the tea gardens for the past 90-odd years, is about to wind up its operations in near future, Speaker M. Appavu has said.